It was just the beginning of July 2021 when the SolStreet Protocol was unveiled to the cryptocurrency industry. Following the unveiling of the firm, it was also revealed that the firm had undergone a seed investment. In the seed funding round, the firm had the backing and support of Invictus Capital.
The utility of the SolStreet Protocol is to provide users the ability to set up their own funds. The platform also allows the users to manage their own funds that belong to the non-custodial investment fund, which is decentralized in nature. The users would also be able to invest in several fund managers that are based on the Solana blockchain.
The firm has announced that so far, it is going through the alpha phase, including competitions for the devnet trades that come in series. The firm has reportedly launched a new phase that it has dubbed as “Money Never Sleeps”. The SolStreet Protocol has announced that the particular competition is set to take place on the coming Monday, August 2, 2021.
The firm has announced that it would be the inaugural competition for the firm. The name of the particular inaugural competition is “Wolf of SolStreet”. According to SolStreet, the competition is going to go on for the first two weeks of the launch of the project.
SolStreet Protocol has confirmed that the competitions are going to go on for 12 weeks. If each competition takes 2 weeks, then it is expected that there would be a total of 6 competitions.
SolStreet Protocol has announced that the competitions would be the best way for the project to show of its services and features to the public. The users would be able to interact with each and every tool of the project and familiarize themselves with it.
Through the competition, the protocol would be able to acquire the feedback and response from the users as to how they have taken the SolStreet Protocol. This would help the SolStreet Protocol’s development team to gather the necessary and useful data.
The data would help them to gather more information and make the project more convenient and useful for the users.
At present, the majority of the cryptocurrency networks are plagued with latency, slowness, high fees, and low scalability. SolStreet protocol has been introduced to provide a solution to all of these problems and provide completely opposite services to the users.
The firm has announced that out of all the performers, the top 500 performers will be selected. These top 500 performers would belong to three different categories.
The categories would include Most Individual Investors, Best Sharpe Ration, and Best Overall Return on Investment.
The firm has announced that it has allocated 1 million STRT tokens for the competition, which is the governance token for the SolStreet protocol. At the time of writing, the market price of 1 million STRT is equal to $600,000.